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EQUITABLE LIFE (no. 2)

EDM (Early Day Motion) 1337A1: tabled on 18 June 2003

Tabled in the 2002-03 session.

This motion has been signed by 54 Members. It is an amendment to an existing motion.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

This is an amendment to an existing motion

This motion was originally tabled by Dr Ian Gibson on 04 June 2003. This is amendment number 1.

View details of the original motion

Suggested amendment

leave out from "accountants" to end and add"Burgess Hodgson,which appears to show that the liabilities of Equitable Life,including an appropriate reserve for terminal bonus,exceeded the available assets for most of the 1990's:is concerned about press reports that several witnesses,including at least one former director of Equitable Life,have refused to co-operate with the Penrose inquiry:notes that the then Economic Secretary to the Treasury stated in a radio interview on the BBC programme Money box on 1 September 2001 that if certain of the Executive Directors did refuse to give evidence to the Penrose Inquiry she would not hesitate to put it on a statutory footing;calls upon the Government to find out which witnesses have refused to co-operate and to take appropriate action;calls upon the Government to ask Lord Penrose publicly to state a date before which his report will be completed;and calls on the Parliamentary Ombudsman immediately to investigate the complaints of maladministration relating to the period before 1999 that have been referred to her by many honourable Members on behalf of their constituents"

Original motion text

That this House notes the forensic study of the Equitable Life's accounts by accountants Burgess Hodgson, which revealed a ú1 billion black hole in the Society's finances at the beginning of the 1990's; also notes that the report demonstrates the Society's management consistently voted bonuses so that its liabilities were in excess of its assets; is concerned that the financial information available to Burgess Hodgson was also available to the regulators at the time; notes that many pensioners are currently suffering financial hardship because of the Society's mismanagement and an apparent failure of the regulatory system to protect policyholders; and calls on the Parliamentary Ombudsman to immediately investigate the complaints of maladministration relating to the period before 1999 that have been referred to her by many honourable Members on behalf of their constituents.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

In addition to the sponsors, the following Members have signed to support the motion.

Baron, Mr John
Conservative
Signed on 30 June 2003
Billericay
Blunt, Mr Crispin
Conservative
Signed on 8 July 2003
Reigate
Boswell, Mr Tim
Conservative
Signed on 24 June 2003
Daventry
Brazier, Mr Julian
Conservative
Signed on 17 July 2003
Canterbury
Burns, Mr Simon
Conservative
Signed on 7 July 2003
West Chelmsford
Burt, Alistair
Conservative
Signed on 8 September 2003
North East Bedfordshire
Djanogly, Mr Jonathan
Conservative
Signed on 1 July 2003
Huntingdon
Duncan, Mr Peter
Conservative
Signed on 7 July 2003
Galloway and Upper Nithsdale
Fabricant, Michael
Conservative
Signed on 7 July 2003
Lichfield
Flight, Mr Howard
Conservative
Signed on 24 June 2003
Arundel and South Downs
Flook, Mr Adrian
Conservative
Signed on 14 July 2003
Taunton
Fox, Dr Liam
Conservative
Signed on 8 September 2003
Woodspring
Gillan, Mrs Cheryl
Conservative
Signed on 26 June 2003
Chesham and Amersham
Gray, Mr James
Conservative
Signed on 11 July 2003
North Wiltshire
Greenway, Mr John
Conservative
Signed on 10 July 2003
Ryedale
Grieve, Mr Dominic
Conservative
Signed on 30 June 2003
Beaconsfield
Hammond, Mr Philip
Conservative
Signed on 12 November 2003
Runnymede and Weybridge
Heald, Mr Oliver
Conservative
Signed on 8 July 2003
North East Hertfordshire
Hoban, Mr Mark
Conservative
Signed on 26 June 2003
Fareham
Hunter, Mr Andrew
Independent Conservative
Signed on 30 June 2003
Basingstoke
Lait, Mrs Jacqui
Conservative
Signed on 30 June 2003
Beckenham
Lansley, Mr Andrew
Conservative
Signed on 1 July 2003
South Cambridgeshire
Leigh, Mr Edward
Conservative
Signed on 24 June 2003
Gainsborough
Letwin, Mr Oliver
Conservative
Signed on 9 July 2003
West Dorset
Lewis, Dr Julian
Conservative
Signed on 30 June 2003
New Forest East
Lidington, Mr David
Conservative
Signed on 23 June 2003
Aylesbury
Lilley, Mr Peter
Conservative
Signed on 8 September 2003
Hitchin and Harpenden
Luff, Peter
Conservative
Signed on 17 July 2003
Mid Worcestershire
Maples, Mr John
Conservative
Signed on 14 July 2003
Stratford-on-Avon
May, Mrs Theresa
Conservative
Signed on 30 June 2003
Maidenhead
McIntosh, Miss Anne
Conservative
Signed on 23 June 2003
Vale of York
Mercer, Patrick
Conservative
Signed on 14 July 2003
Newark
Paice, Mr James
Conservative
Signed on 23 June 2003
South East Cambridgeshire
Prisk, Mr Mark
Conservative
Signed on 25 June 2003
Hertford and Stortford
Roe, Mrs Marion
Conservative
Signed on 2 July 2003
Broxbourne
Selous, Andrew
Conservative
Signed on 3 July 2003
South West Bedfordshire
Simmonds, Mark
Conservative
Signed on 9 September 2003
Boston and Skegness
Simpson, Mr Keith
Conservative
Signed on 7 July 2003
Mid Norfolk
Spelman, Mrs Caroline
Conservative
Signed on 23 June 2003
Meriden
Spink, Bob
Conservative
Signed on 8 July 2003
Castle Point
Stanley, Sir John
Conservative
Signed on 8 September 2003
Tonbridge and Malling
Taylor, Mr John D.
Conservative
Signed on 1 July 2003
Solihull
Widdecombe, Miss Ann
Conservative
Signed on 30 June 2003
Maidstone and The Weald
Wiggin, Bill
Conservative
Signed on 15 July 2003
Leominster
Willetts, Mr David
Conservative
Signed on 14 July 2003
Havant
Winterton, Ann
Conservative
Signed on 2 July 2003
Congleton
Winterton, Sir Nicholas
Conservative
Signed on 2 July 2003
Macclesfield
Yeo, Mr Tim
Conservative
Signed on 9 July 2003
South Suffolk

There are no withdrawn signatures for this amendment.